Belt and Road opens opportunities for Chinese gold miners

The China's "Belt and Road" initiative will bring a historic opportunity for the country's gold miners as low gold prices are expected in the coming years, said Song Xin, general manager of China National Gold Group Corporation.

Addressing a mining industry conference held in north China's Tianjin Friday, Song said the next few years will see global gold prices remain low while costs for the gold mining industry rise.

But the "Belt and Road" will provide an alternative platform for growth, as countries along the route have a combined natural gold reserve of 21,000 tons, accounting for 41.5 percent of the global gold reserve, said Song. The world's six largest gold mines are located in countries along the "Belt and Road."

Chinese gold miners have an edge in exploitation, which is complementary with the "Belt and Road" countries that are rich in gold reserves, he said.

"This is a new historic opportunity for Chinese gold industry," said Song.

The "Belt and Road" Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which were proposed by Chinese President Xi Jinping in 2013 with the aim of reviving the ancient trade routes.

The network passes through more than 60 countries and regions with a total population of 4.4 billion. Endit